Stop what you're doing, and answer this question: Will you care for your parents -- and your in-laws -- in their old age? Will you invite them into your home, to use the bedroom your college kid just vacated, and will you provide them with help dressing and bathing?
Or let's reverse the situation: Who will care for you in your old age? Will your children invite you into their home and help you shower and take you to your doctors' appointments?
Think about it -- because one way or another, we're all going to be faced with this problem. If you're all alone, the situation might be even more dire.
The one answer to all these questions is long-term care insurance. I've been recommending it for years. I thought it was a great deal. And now I have proof.
Long-term care insurance policies have been such a great deal that one of the top underwriters -- MetLife -- has just announced it will no longer sell these policies. (Of course, it is contractually required to keep its existing policies on the books and stand behind them when payout is needed.) And another top LTC insurance underwriter, John Hancock (a division of Manulife), has just announced an intention to raise policy prices an average of 40 percent!
Read the rest of the article at: http://www.suntimes.com/business/savage/2893902,CST-NWS-savage15.article
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I can see this type of insurance really taking off in the next decade or so as the population ages. Pensions and life savings won’t just be enough in the long term as survival rates increase, it truly is a ticking timebomb.
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